Bank of Nova Scotia reduced its position in shares of Visa Inc. (NYSE:V - Free Report) by 17.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 297,597 shares of the credit-card processor's stock after selling 63,954 shares during the quarter. Bank of Nova Scotia's holdings in Visa were worth $102,103,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in V. Kirtland Hills Capital Management LLC grew its holdings in shares of Visa by 2.7% during the second quarter. Kirtland Hills Capital Management LLC now owns 16,120 shares of the credit-card processor's stock valued at $5,530,000 after buying an additional 429 shares during the last quarter. Compass Financial Management LLC bought a new stake in shares of Visa during the second quarter worth about $973,000. Daiichi Life Insurance Co. Ltd. raised its holdings in shares of Visa by 7.8% in the 2nd quarter. Daiichi Life Insurance Co. Ltd. now owns 115,811 shares of the credit-card processor's stock worth $39,734,000 after acquiring an additional 8,344 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Visa by 5.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 611,908 shares of the credit-card processor's stock worth $209,939,000 after acquiring an additional 32,645 shares during the last quarter. Finally, Martin & Co. Inc. TN lifted its position in Visa by 0.5% in the 2nd quarter. Martin & Co. Inc. TN now owns 10,431 shares of the credit-card processor's stock valued at $3,579,000 after acquiring an additional 57 shares in the last quarter. Institutional investors own 82.15% of the company's stock.
Insider Activity at Visa
In other news, CEO Ryan Mcinerney sold 10,490 shares of Visa stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $343.99, for a total value of $3,608,455.10. Following the completion of the transaction, the chief executive officer directly owned 15,174 shares in the company, valued at approximately $5,219,704.26. The trade was a 40.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the business's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $360.00, for a total value of $729,720.00. Following the sale, the general counsel owned 18,404 shares in the company, valued at approximately $6,625,440. The trade was a 9.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 90,759 shares of company stock worth $32,375,779. 0.12% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. Citigroup reiterated a "buy" rating and set a $440.00 price target (up from $400.00) on shares of Visa in a report on Wednesday, July 29th. BNP Paribas Exane upgraded Visa to a "strong-buy" rating in a research note on Tuesday, July 21st. Barclays initiated coverage on shares of Visa in a research report on Tuesday, July 7th. They set an "overweight" rating and a $420.00 price target on the stock. Raymond James Financial restated an "outperform" rating and set a $406.00 price target on shares of Visa in a report on Wednesday, July 29th. Finally, Clear Str raised Visa to a "strong-buy" rating in a research report on Thursday, July 16th. Seven investment analysts have rated the stock with a Strong Buy rating and twenty-four have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $413.58.
Get Our Latest Report on V
Visa Stock Up 1.5%
Visa stock opened at $371.09 on Friday. The firm has a 50 day moving average price of $353.73 and a 200-day moving average price of $329.64. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.60. Visa Inc. has a twelve month low of $293.89 and a twelve month high of $373.97. The company has a market capitalization of $662.18 billion, a P/E ratio of 31.56, a P/E/G ratio of 1.99 and a beta of 0.74.
Visa (NYSE:V - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The credit-card processor reported $3.32 EPS for the quarter, topping analysts' consensus estimates of $3.23 by $0.09. The company had revenue of $11.63 billion for the quarter, compared to analysts' expectations of $11.40 billion. Visa had a net margin of 50.78% and a return on equity of 67.68%. Visa's revenue was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.98 EPS. As a group, equities analysts predict that Visa Inc. will post 13.16 EPS for the current year.
Visa declared that its board has authorized a share buyback plan on Tuesday, April 28th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the credit-card processor to buy up to 3.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.
Visa Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 11th will be given a $0.67 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $2.68 annualized dividend and a dividend yield of 0.7%. Visa's payout ratio is 22.79%.
Visa Profile
(
Free Report)
Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world's largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa's network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.
Visa's product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.
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